IFRS and the US

On November 17, 2008, the Securities and Exchange Commission (SEC) published for comments its long-awaited roadmap proposal for the potential use of financial statements prepared in accordance with International Financial Reporting Standards (IFRS) by US issuers (the Roadmap). The proposed Roadmap sets forth several milestones that, if achieved, could lead to the required use of IFRS by US issuers in 2014 if the SEC believes it to be in the public interest and for the protection of investors. Should the US require its public companies to adopt IFRS, it will impact both Canadian companies operating in the US and global companies headquartered there.

IFRS adoption in the United States would be beneficial for a number of reasons. It would promote the global competitiveness of US companies, strengthen US capital markets, facilitate the management of US-based global companies, achieve significant cost savings and process efficiencies, and overcome the burdensome complexity of current US accounting and reporting guidelines.

How PwC can help

Our professionals are monitoring the situation in the United States and can advise your company how to proceed if you have cross-border issues surrounding IFRS conversion. Contact one of our professionals today to get answers to your questions around this subject.